Specialist mobility and handling equipment manufacturer Prism Medical has announced the completion of a deal to acquire The Mobility Equipment Company (TMEC) for an undisclosed sum.
Leicester-based TMEC installs and services specialist mobility equipment for the disabled. It is hoped that through the deal Prism Medical will increase contact with its customers by broadening its product base and portfolio.
The deal has been supported by private equity provider LDC – itself part of Lloyds Banking Group. LDC was a partner in Prism Medical’s acquisition of Handling Moving and Ergonomics Ltd in September 2014.
LDC also invested £30 million into the acquisition of Prism Medical itself in April 2014. Prism Medical has grown steadily through its acquisitions over recent years and now boasts a workforce of 330.
Prism Medical chief executive Stuart Meldrum said the recent acquisitions “represent [the company’s] ambition to accelerate growth across our business.”
“It provides us with a more established presence in the Midlands from which we can further develop our existing service offering in this key region, while HME brings additional training skills and capabilities,” he added.
LDC director Andy Lyndon added that recent activity reflects a belief that Prism Medical can be grown “both organically and acquisitively”.
“LDC’s investment strategy is to back the management teams of high performing businesses, and we’re working closely with the team to identify complimentary acquisition opportunities to support the businesses buy and build strategy, whilst they maintain their existing organic growth plan,” he said.